# First-Differenced Regressions

| Variable | d_capital_intensity: dZ | d_capital_intensity: dAge | d_labor_productivity: dZ | d_labor_productivity: dAge | d_capital_per_worker: dZ | d_capital_per_worker: dAge | dTrade: dZ |
|:---|---:|---:|---:|---:|---:|---:|---:|
| d_Z_1 | 43.6052** | | -14301.2276** | | 0.0144 | | 110.4265*** |
| | (18.8213) | | (6294.4929) | | (0.0442) | | (41.8923) |
| d_Z_2 | -5.9388** | | 1309.2439 | | -0.0061 | | -18.9366*** |
| | (2.7565) | | (937.9189) | | (0.0070) | | (6.1486) |
| d_Z_3 | 0.2373** | | -9.6149 | | 0.0003 | | 0.9823*** |
| | (0.1139) | | (39.1974) | | (0.0003) | | (0.2543) |
| d_fiscal_bal_gdp | -0.0619*** | -0.0583*** | 51.4071*** | 55.5197*** | -0.0001*** | -0.0001*** | 0.3461*** |
| | (0.0174) | (0.0173) | (4.1522) | (4.1718) | (0.0000) | (0.0000) | (0.0370) |
| d_nfa_gdp_lag | 0.3290* | 0.3254* | 140.0446*** | 146.9728*** | -0.0006*** | -0.0006*** | -0.7992** |
| | (0.1716) | (0.1715) | (45.3836) | (45.8713) | (0.0002) | (0.0002) | (0.3745) |
| d_rgdp_growth | 0.0739*** | 0.0747*** | 60.4015*** | 62.2027*** | -0.0000*** | -0.0000*** | 0.1303*** |
| | (0.0098) | (0.0098) | (2.0940) | (2.1142) | (0.0000) | (0.0000) | (0.0212) |
| d_kaopen | 0.2377 | 0.2415 | 33.1437 | 27.3312 | 0.0001 | 0.0002 | 0.9719** |
| | (0.1962) | (0.1963) | (53.2223) | (53.7933) | (0.0002) | (0.0002) | (0.4327) |
| d_old_dep | | -6.1382 | | 43637.9367*** | | 0.1174* | |
| | | (20.1015) | | (7872.0040) | | (0.0629) | |
| d_youth_dep | | -7.8522 | | -1631.3102 | | 0.0103 | |
| | | (7.0334) | | (2033.4110) | | (0.0089) | |
|:---|---:|---:|---:|---:|---:|---:|---:|
| N | 4507 | 4507 | 4898 | 4898 | 4343 | 4343 | 4577 |
| R² | 0.0152 | 0.0138 | 0.1887 | 0.1689 | 0.0118 | 0.0164 | 0.0708 |
| Countries | 159 | 159 | 171 | 171 | 163 | 163 | 161 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*